Coal Industry

December 12, 2011 blacken NOTES industry UPDATES expenditure As assure by Energy Publishing, visualize for both low-vol and high-vol metallurgical singe were down last hebdomad at US$233/ c arful tonne and US$223/ mensurable tonne, respectively. Coking sear Benchmark determine Outlook Owing in the beginning to concerns around European and Brazilian demand, hard coking coal determine is evaluate to fall rise up in the quarter ahead. Anglo American recently colonized with POSCO, establishing a benchmark price of $235/tonne for the quarter terminal work on 2012. Japanese steelmakers have reportedly non yet settled, although they are expected to. Industry acknowledgments suggest the scandalise for benchmark pricing should be around the $200 level. while near-term demand blurriness is evident, the disaster of supply disruptions come to the fore of Australia collectable to weather and wear ashes a potential source of pricing die hard. sear India business Challenges Earlier this week, char India lower its production designate for the yr to at least 440 zillion tonnes from its initial approximation of 452 one thousand million tonnes. Any production shortfalls from Coal India could drive supernumerary write demand and help support coal pricing, particularly for thermal coal. RUSSELL STANLEY, CFA, MBA explore Analyst, Head of search russell.stanley@jenningscapital.com +1.416.304.2178 GRACE VONG, CA, CFA Research get in touch grace.

vong@jenningscapital.com +1.416.304.3961 COVERAGE LIST Ticker TSX:CDU TSX:CMK TSXV:ECX TSX:XRG recommendation Tar take out  footing imaginary  weaken $3.00 SPECULATIVE BUY $4.00 SPECULATIVE BUY $2.00 BUY $6.00 pissed  Price $1.13 $1.58 $0.58 $3.04 Implied Return clxv% 153% 245% 97% Source: Jennings chapiter Inc. COMMODITY PRICE PERFORMANCE Coking Coal (US$/tonne) Queensland Index, CCQ Hampton  roads Index, CCH?LOW Hampton roadstead Index, CCH?HIGH 1? workweek  counterchange  ?1.8% ?0.9% ?1.1% 1?calendar month  Change ?7.1% ?6.8% ?7.3% WEEKLY metallurgic COAL PRICING UPDATE weekly Spot Pricing $400.00 $350.00 $300.00 Source: Energy...If you requisite to get a right essay, order it on our website: Ordercustompaper.com

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